U.S. Bank Premier Loan review April 2018 | finder.com
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U.S. Bank Premier Loan review April 2018

Loans from U.S. Bank have competitive fixed rates so you can meet your financial goals.

If you’re in the market for a personal loan and already have an account with U.S. Bank, why not apply for a premier loan and see if you qualify for their low rates?

First, am I eligible?

To qualify for the best rates for a U.S. Bank Premier Loan, you must:

  • Have a excellent credit.
  • Have a U.S. Bank Consumer Silver, Gold or Platinum Checking Package account.
  • Have a verifiable source of income.

Applicants with lower credit scores may qualify, but you should expect a higher interest rate.

What is a U.S. Bank Premier Loan?

Personal loans are unsecured forms of credit that can help you make a large purchase. U.S. Bank offers loan amounts ranging from $3,000 to $25,000. Each one comes with a competitive interest rate and no annual fee.

Here are some common uses for a loan from U.S. Bank:

  • Consolidate debt. Save money by gathering multiple debts into one lower monthly payment at rates as low as 6.99% APR.
  • Improve your home. With a personal loan, you can fix that leaky roof, add on a new patio or upgrade your home’s heating system. You may even qualify for U.S. Bank’s 1% green home improvement discount.
  • Make major purchases. You can use your loan funds to pay for a car, vacation, wedding or any large purchase.

Product details

Product nameU.S. Bank Premier Loan
Loan securityUnsecured
Repayment typeFixed
Minimum loan amount$3,000
Maximum loan amount$25,000
Loan term12 to 48 months
Application fee$0
Origination fee$50
Late payment fee$29
NSF fee$29
Check process fee$0
Prepayment penalty$1% of loan amount (within first year)

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Rates last updated April 20th, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Max. Loan Amount APR
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
580
$100,000
4.99%–35.99% (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
580
$100,000
3.09%–35.99% (fixed)
Upgrade Personal Loans*
Affordable loans with two simple repayment terms and no prepayment penalties.
620
$50,000
5.96%–35.97% (fixed)
Prosper
Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.
640
$35,000
5.99%–35.99% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
5.98%–35.89% (fixed)
CompareFirst Personal Loans
An easy-to-use loan connection service geared toward introducing first-time borrowers to affordable personal loans.
580
$50,000
2.99%–36% (fixed)
Best Egg Personal Loans
A prime lender with multiple repayment methods.
640
$35,000
5.99%–29.99% (fixed)
FreedomPlus Personal Loans
Consolidate debt and more with these low-interest loans. Cosigners welcome.
640
$35,000
4.99%–29.99% (fixed)
Laurel Road Personal Loans
Get a personal loan with no application or origination fees and a rate discount for autopay.
680
$45,000
5.5%–11.74% (fixed)
LendingPoint Personal Loans
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
600
$25,000
15.49%–34.99% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
34%–155% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
Varies
$25,000
typically around 18.49%* (fixed)

Compare up to 4 providers

What are the benefits of a U.S. Bank Premier Loan?

  • Fixed rates. Monthly payments won’t fluctuate to help you budget for repayment.
  • No home inspections or appraisals. If you’re looking to fund a home improvement, skip the requirements that come with a home loan.
  • Quick process. Apply online, over the phone or at your local U.S. Bank branch through a process designed to get you the funds you need quickly.

What to watch out for

U.S. Bank offers convenience and speed to get you the funds you need, but you should consider a few factors before applying.

Although U.S. Bank advertises low rates, these are for members with exceptional credit and low debt-to-income ratios. If you don’t have great credit or are paying off previous debt, you may not qualify for the best rates.

Similarly, banks consider unsecured loans a riskier financial product than those secured by property, which could mean higher rates and payments. Keep this in mind when comparing a loan offer from U.S. Bank with offers from other lenders.

Am I eligible for a U.S. Bank Premier Loan?

To be eligible for a loan with U.S. Bank, you need to:

  • Be a current U.S. Bank member. U.S. bank requires borrowers to have a Silver, Gold or Platinum account for at least 120 days.
  • Have excellent credit. Borrowers with a credit score of 760 or higher qualify for the lowest rates.
  • Have a verifiable source of income. You must be able to provide proof of employment and other forms of personal income.

What information do I need to apply?

Apply for a personal loan online, over the phone or at your local U.S. Bank branch by providing personal and financial details that include:

  • Your full name and contact information
  • Your Social Security number and date of birth
  • Proof of employment, such as W-2s and pay stubs
  • Your monthly income and debt payments
  • The total amount of your assets

I got the U.S. Bank Premier Loan. Now what?

Once you receive your loan funds, you should focus on creating a budget and making your monthly payments. You can repay your loan online, at a branch, by phone or through U.S. Bank’s mobile app.

U.S. Bank has an autopay system that can help you avoid late fees. Your payment will be automatically deducted from your bank account. This convenient option is great for people who don’t want to constantly remember payments and who know they’ll have the money in their account whenever they need.

Bottom line

A personal loan with this highly rated bank can be an ideal way to pay for a big purchase or consolidate debt, but before you make your decision, compare your personal loan options.

Frequently asked questions about U.S. Bank Premier Loans

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2 Responses

  1. Default Gravatar
    WalterOctober 12, 2017

    I applied for a us bank premier loan on 10/10/2017, I requested $10,000, now the online application status says loan amount $6000 but the application still in process. They sent me an e mail with a letter that states that my credit score is 684. What are the odds of getting approved for this loan?

    • Staff
      LiezlOctober 13, 2017Staff

      Hi Walter,

      Thanks for reaching out.

      A credit score of 684 is a good rating. However, your credit score alone will not qualify or disqualify you for a loan although this determines your loan amount, rate and term. The bank will assess your overall eligibility based on the criteria mentioned above. Now if you’re unsure of your eligibility, I suggest you contact the bank and verify.

      Kind regards,
      Liezl

US Personal Loans Offers

Important Information*
Even Financial Personal Loans

Get connected to competitive loan offers instantly from top online consumer lenders.

Prosper

Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.

LendingClub Personal Loan

A peer-to-peer lender offering fair rates based on your credit score.

SoFi Personal Loan Fixed Rate (with Autopay)

Borrow up to $100,000 with a competitive APR and no fees.

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